Aug182014

The U.S. Treasury budget deficit fell to $94.6 billion for July, 10 months into the fiscal year. Retail sales were flat for July. Business inventories increased 0.4% for June. The producer price index for total final demand increased 0.1% in July while PPI-FD excluding food & energy rose 0.2%. Industrial production increased 0.4% in July. Initial jobless claims rose 21,000 to 311,000 for the week ended 8/9.

• The U.S. Treasury budget deficit fell to $94.6 billion for July, 10 months into the fiscal year. Fiscal year-to-date, the deficit is 24 percent lower than last year at this time; tax receipts are up 8.0% overall, and total spending is up 1.2% with defense spending down 5.5%.

• Retail sales were flat for July. Excluding autos, sales are up 0.1%, and excluding autos and gas, sales are also up 0.1%.

• Business inventories increased 0.4% for June.

• The producer price index for total final demand increased 0.1% in July while PPI-FD excluding food & energy rose 0.2%. Year-on-year, PPI-FD is up 1.7%; excluding food & energy is up 1.6%, and excluding food, energy & trade services is also up 1.6%.

• Industrial production increased 0.4% in July. Manufacturing is up 1.0%.